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NDRC approves 4 firms to issue RMB 18.5 bln dim sum bonds

Apr. 26, 2012 (China Knowledge) - China's National Development and Reform Commission (NDRC) said it had approved four large state-controlled companies to issue a combined RMB 18.5 billion worth of offshore RMB-denominated bonds, or dim sum bonds, in Hong Kong.

The four companies are Huaneng Power International Inc<600011><0902>, China Datang Corp, China Minmetals Corp and China Guangdong Nuclear Power Holding Corp, said NDRC without disclosing details, including the timetable and individual size.

In February, China's largest steel manufacturer Baosteel Group Corp completed issuing RMB 2.9 billion of dim sum bonds. Agricultural Bank of China Ltd<601288><1288> issued dim sum bonds worth a total of RMB 3 billion in January.

On Jan. 11, 2012, NDRC approved ten banks, including HSBC Holdings<0005><HBC>, to issue a combined RMB 25 billion worth of dim sum bonds, sources reported.

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